How is the Cardiac Prosthetic Devices Market Poised for Growth: Trends and Opportunities Through 2034
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What is the Predicted Annual Growth Rate of the Cardiac Prosthetic Devices Market Over the Coming Decade?
The market for cardiac prosthetic devices has seen significant growth in recent years. The market which was worth $8.2 billion in 2024, is projected to expand to $9.15 billion in 2025, with a compound annual growth rate (CAGR) of 11.5%. This growth trend in the past can be linked to factors such as a surge in the elderly population who suffer from cardiovascular diseases, an increase in cardiovascular disease cases, advancements in surgical techniques, better understanding regarding cardiac health among patients and healthcare professionals, and constructive government actions and financial backing for cardiovascular health initiatives.
The market for cardiac prosthetic devices is expected to experience substantial growth in the coming years, expanding to a value of $13.97 billion in 2029 with an 11.2% compound annual growth rate (CAGR). The anticipated growth can be ascribed to numerous factors such as the escalating older demographic susceptible to heart disorders, elevated expenditure on health care facilities and devices, beneficial insurance and reimbursement procedures, amplified patient inclination for advanced medical alternatives, and a heightened incidence of lifestyle-related cardiac conditions. Key trends to watch include the invention of smaller, more effective cardiac prosthetic devices suitable for minimally invasive surgeries, cutting-edge biocompatible materials, collaboration with wearable technology, enhancements in battery technology, and the application of 3D printing technology.
What Combination of Drivers Is Leading to Accelerated Growth in the Cardiac Prosthetic Devices Market?
The anticipated rise in cardiovascular disease is likely to spur the expansion of the cardiac prosthetic devices market. Cardiovascular diseases (CVDs), including coronary artery disease, heart attacks, and strokes, are disorders that impact the heart and blood vessels. Unhealthy lifestyles, increased obesity rates, poor diet, lack of physical activity, high stress levels, and an aging population contribute to the high prevalence of these diseases. Cardiac prosthetic devices, which support or replace the function of the heart or its parts, play a crucial role in controlling these diseases. For instance, British Heart Foundation, a heart research charity in the UK, reported in January 2024 that around 7.6 million individuals in the UK are battling heart and circulatory diseases, with roughly 4 million males and 3.6 million females suffering from these conditions. These diseases account for approximately 27% of all deaths in the UK, which equates to more than 170,000 deaths per year, around 480 deaths each day, or one death every three minutes. Therefore, the rising incidence of cardiovascular diseases is fueling the growth of the cardiac prosthetic devices market.
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What Are the Major Players Making an Impact in the Cardiac Prosthetic Devices Market’s Growth?
Major companies operating in the cardiac prosthetic devices market are:
• Abbott Laboratories
• Medtronic plc
• Siemens Healthcare GmbH
• Boston Scientific Corporation
• Laboratory Corporation of America Holdings
Which Upcoming Trends Are Set to Influence the Cardiac Prosthetic Devices Market’s Path Forward?
Corporations leading the cardiac prosthetic devices market are concentrating on innovating new technologies, like transcatheter pacing systems, to improve heart activity, lessen the invasiveness of procedures, and enhance the outcomes for patients managing heart rhythm disorders. A transcatheter pacing system is a device, inserted via a catheter, which controls the electrical activity of the heart in a minimally invasive manner, without the need for external wiring or surgery. For example, the Ireland-based medical equipment firm, Medtronic plc, launched the Micra AV Transcatheter Pacing System in January 2022. This compact and minimally invasive tool is specifically designed to tackle bradycardia or a slow heart rate. The Micra AV TPS provides accurate and dependable pacing for patients with bradycardia, utilizing cutting-edge technology to synchronize pacing with the heart’s inherent rhythm. The device’s compact dimension and internal battery add to its longevity, and its remote monitoring features allow healthcare providers to better track its function and patient outcomes.
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Which Market Segments Are Driving Strategic Growth and Trends in the Cardiac Prosthetic Devices Market?
The cardiac prosthetic devices market covered in this report is segmented –
1) By Type: Valves, Pacemakers
2) By Applications: Surgery, Research
3) By End User: Hospitals, Clinics Or Cardiac Centers, Ambulatory Surgical Centers, Other End-Users
Subsegments:
1) By Valves: Mechanical Valves, Tissue Valves, Transcatheter Heart Valves
2) By Pacemakers: Single-Chamber Pacemakers, Dual-Chamber Pacemakers, Biventricular Pacemakers
What Regions Are Steering Growth in the Cardiac Prosthetic Devices Sector?
North America was the largest region in the cardiac prosthetic devices market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cardiac prosthetic devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Are the Core Features That Define the Cardiac Prosthetic Devices Market?
Cardiac prosthetic devices are medical devices designed to support or replace the heart’s function or its components. These devices treat various cardiac conditions and are essential in managing patients with heart failure or structural heart problems.
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